Brown must cut spending or raise taxes - papers 22nd Sept

BROWN’S stewardship of the UK economy came under fire on Wednesday when the International Monetary Fund warned of flagging growth in the world's fourth biggest economy and the European Union complained about the UK budget deficit, says the Financial Times. The IMF said higher interest rates, oil price increases and the cooling housing market had undermined the outlook for the British economy and downgraded its forecast for UK growth this year and in 2006 to 1.9% and 2.2% respectively. The IMF had previously forecast growth of 2.6% for this year and next. Brown is sticking to the 3-3.5% ...